credit and debit
Authored by Jevon Barwari
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Professional Development
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the context of real estate transactions, what is the 'Principal amount of new mortgage' considered as?
Credit to Buyer
Debit to Buyer
Credit to Seller
Debit to Seller
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the context of real estate transactions, what is the 'Buyer's earnest money' considered as?
Credit to Buyer
Debit to Buyer
Credit to Seller
Debit to Seller
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In the context of real estate transactions, what is the 'Accrued interest on existing assumed mortgage' considered as?
Credit to Buyer
Debit to Buyer
Credit to Seller
Debit to Seller
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the context of real estate transactions, what is the 'Payoff of existing mortgage' considered as?
Credit to Buyer
Debit to Buyer
Credit to Seller
Debit to Seller
5.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In the context of real estate transactions, what is the 'Prorated' considered as?
Accrued interest on existing assumed mortgage.unpaid water and other utility bills. Fuel oil on hand.
Prepaid insurance and tax reserve for mortgage assumed by buyer. Refund to seller of prepaid water charges and similar utility expenses. Prepaid general real estate taxes
Credit to Seller
Debit to Seller
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In the context of real estate transactions, what is the 'Purchase money mortgage' considered as?
Credit to Buyer
Debit to Buyer
Credit to Seller
Debit to Seller
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In the context of real estate transactions, what is the 'Tenant's security deposit' considered as?
Credit to Buyer
Debit to Buyer
Credit to Seller
Debit to Seller
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